Personal incomes rise 1.4 percent in first quarter of 2016
PORTLAND, Maine (AP) — Data from the federal Bureau of Economic Analysis shows that the personal incomes of Maine residents increased 1.4 percent in the first quarter of this year, which is the second highest growth rate in the nation.
The Portland Press Herald reports (http://bit.ly/28PatLp ) personal income in Maine was $58.1 billion at an annual rate in the first quarter, adjusted to offset seasonal variations.
The BEA’s figures suggest that transfer receipts — which include Social Security payments, Medicare, Medicaid and unemployment benefits — were a large reason for the increase of personal incomes.
In terms of industry, construction posted the largest income growth figures by contributing 0.15 percentage points to the overall increase.
Maine’s 1.4 percent increase in personal incomes for the first quarter outpaced the national average.
Information from: Portland Press Herald, http://www.pressherald.com